SEATTLE CITY COUNCIL - Record No: CB 118832

• Record No: CB 118832
• Version: 1
• Council Bill No: CB 118832
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/21/2016
• Ordinance No: Ord 125190
• Title: AN ORDINANCE relating to the Firefighters' Pension Fund established under chapter 41.16 RCW; amending Ordinance 117216 as last amended by Ordinance 124640 to change the date by which full funding of the Actuarial Account will be achieved.
• Sponsors: Tim Burgess
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125190, 3. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/28/2016	1	City Clerk	attested by City Clerk
11/28/2016	1	Mayor	Signed
11/28/2016	1	Mayor	returned
11/22/2016	1	City Clerk	submitted for Mayor's signature
11/21/2016	1	City Council	passed	Pass
11/16/2016	1	Select Budget Committee	pass	Pass
11/7/2016	1	City Council	referred
11/1/2016	1	Council President's Office	sent for review
10/25/2016	1	City Clerk	sent for review
10/25/2016	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Firefighters' Pension Fund established under chapter 41.16 RCW; amending Ordinance 117216 as last amended by Ordinance 124640 to change the date by which full funding of the Actuarial Account will be achieved.
body
WHEREAS, on July 11, 1994, the City Council passed Ordinance 117216, establishing an Actuarial Account within the Firefighters' Pension Fund ("Fund") with the intent of accumulating, by means of an actuarially determined Level Payment Amount, sufficient funding in the Actuarial Account to fully amortize all pension obligations by December 31, 2018; and
WHEREAS, on November 13, 1997, the City Council passed Ordinance 118814, which clarified the funding plan for the Actuarial Account; and
WHEREAS, under RCW 41.18.040, 41.18.104, and 41.26.240, pension benefits of qualifying retirees are mandated to grow at the same rate as the salaries of current Seattle firefighters of the same rank, and it is the City's responsibility to cover related increased pension costs above the growth rate of the Consumer Price Index; and
WHEREAS, on November 20, 2006, the City Council passed Ordinance 122293, postponing by five years the date by which full funding of the Actuarial Account was to be achieved in recognition of lower interest rates available for investments; and
WHEREAS, due to increases in firefighters' salaries and lower-than-expected returns on investments in the Actuarial Account, and in recognition of the uncertain local and national economies, turmoil in the financial markets, and growing pressure on the City's General Fund to achieve Actuarial Account target levels as reflected in Ordinance 118814, the City Council suspended contributions to the Actuarial Account in 2009 and 2010 with the passage of Ordinance 122859, in 2011 and 2012 with the passage of Ordinance 123459, in 2013 and 2014 with the passage of Ordinance 124057, and in 2015 and 20...